Lyft (LYFT) PT Raised to $18 at Wells Fargo

Wells Fargo analyst Ken Gawrelski raised the price target on Lyft (NASDAQ: LYFT) to $18.00 (from $15.00) while maintaining a Equal Weight rating.

The analyst comments "Increasing FY24 EBITDA 32%, on March industry price action. We now assume a 2Q:24 $0.60 rideshare ASP increase, of which 50% is passed through to drivers, resulting in an increase of $0.30 net revenue / rideshare ride, or take-rate +90bps q/q. Maintaining our +5% y/y 4Q:24 insurance rate increase estimate pending add'l datapoints, but growing more cautious. Our PT increases to $18 ($15 prior) on higher ests, implies 12.0x (unch) 2025 EBITDA of $591M."

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